A change in property assessment procedures mandated by the state will not have the big impact on county government revenue that had been feared.
County assessor Debbie Grifffith reported to the county commissioners Monday that the assessment rate on residential property next year will drop from 7.65 percent to 7.2 percent. The change to Colorado Constitution requirements will decrease county revenues from property tax by about $99,000, Griffith said.
It had been feared that a projected drop in the assessment rate to the 6 to 6.5 percent range would hit county government with a $500,000 revenue shortfall. Other property tax funded entities would have also been affected.
Griffith said the decrease in assessment rate will not mean a lower property tax bill for all homeowners. That is because some property values have increased enough to offset the lower assessment rate.